Chainlink (LINK) is currently trading at $12.33, reflecting a 24-hour change of -1.95%. The daily range has been relatively narrow, with a high of $12.84 and a low of $12.25, indicating weak volatility in the short term.

Trading volume stands at approximately $508 million, accounting for 5.82% of its market cap, suggesting moderate investor interest. The 1-hour Relative Strength Index (RSI) is notably low at 26, indicating that LINK is potentially oversold in the very short term, while the 7-day RSI at 48 suggests a neutral stance on the medium-term outlook.

Short-term moving averages are indicating bearish momentum, with the 8 SMA at $12.55 showing a decline of 1.73%, and the 13 SMA at $12.57 down by 1.91%. This trend persists with longer moving averages also showing declines, particularly the 21 SMA at $12.62, which is down 2.27%, highlighting ongoing selling pressure.

Over the past week, LINK has seen a price change of -4.07%, and a more significant decline of -10.80% over the past 14 days indicates a bearish trend. The 30-day change of -0.61% suggests a period of consolidation but does not negate the broader bearish sentiment.

The current price remains significantly below its all-time high of $52.70, recorded in May 2021, indicating a substantial loss of value over time. The lack of upward momentum and continued downward pressure suggest that unless there is a significant shift in market sentiment or fundamental developments, LINK may continue to struggle.

Given the current technical indicators and market sentiment, the recommendation is to Hold LINK. While there are signs of being oversold in the very short term, the prevailing trend remains bearish, and a clearer reversal pattern or positive catalyst is needed for a Buy signal.